Risk Assessment
Risk assessment is the systematic process of evaluating the potential risks that may be involved in a projected activity or undertaking. To assess the risks, different tools and methods can be utilized. In addition, risk assessment also involves determining the likelihood of risks that will threat the system in the future.
Risk Management
Risk management describes the process and practices of companies in attempting to prevent malicious or fraudulent activity from occurring within their systems, as well as addressing any other issues that would create financial risks. It can be more simply defined as the practice of forecasting and evaluating potential financial risks alongside identification procedures that aim to avoid or minimize their impact.
Risk-Based Authentication (RBA)
What is risk-based authentication?
Risk-based authentication (RBA) is a non-static authentication system that takes into account the profile (IP address, User-Agent HTTP header, time of access, and so on) of the agent requesting access to the system to determine the risk profile associated with that transaction. This type of authentication method is used to determine high-risk security threats to protect sensitive information. When the risk level increases, authentication becomes more extensive. False insurance claims are insurance claims filed with an intent to defraud an insurance provider.
A common example of risk-based authentication is when a user accesses their bank account outside of their home state or country. Because the user's geographic location is different, the indication of potential risk is alerted. The user will then proceed to answer their security questions in order to access their bank account information.
User and Transaction Dependent Authentication
Risk-based authentication can be user-dependent or transaction-dependent. A user-dependent authentication means that the authentication process will look the same for the user, every time. This means that a user can expect to input the same credentials when authentication is prompted during a login attempt. A transaction-dependent authentication means the user could have to input different credentials if authentication is promoted, even after inputting a username and password. Instead of answering the same security questions, they may have to answer other credentials such as their social security number, date of birth, etc. to gain access to their account.
Fraud.net and Fraud Prevention
Fraud.net offers a variety of services to help prevent fraud through identity verification and risk-based authentication, among other methods. With our software and service suite powered by machine learning and artificial intelligence, organizations can spend less time doing detection and more doing analysis - saving money, time, and profits.
To learn more about the services Fraud.net offers, contact us for a demo and security recommendations today.